Business & Finance
Mon, January 24, 2011Fri, January 21, 2011Thu, January 20, 2011Wed, January 19, 2011Tue, January 18, 2011Mon, January 17, 2011Fri, January 14, 2011Thu, January 13, 2011Wed, January 12, 2011Tue, January 11, 2011Mon, January 10, 2011Sterling Bancshares Inc. Shareholder Investigation by Briscoe Law Firm Concerning Proposed Stock Acquisition by Comerica Inc.
Published in Business and Finance on Tuesday, January 18th 2011 at 9:05 GMT by Market Wire
DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of [ Powers Taylor LLP ] are investigating potential legal claims against the Board of Directors of [ Sterling Bancshares Inc. ] (aSterling Bancsharesa or aSBIBa) (NASDAQ: SBIB) related to the proposed acquisition of Sterling Bancshares by Comerica Inc. (NYSE: CMA). The investigation relates to the fairness of the proposed transaction to Sterling Bancshares shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Sterling Bancshares for approving this transaction, and whether Sterling Bancsharesa™ Board of Directors acted in the shareholdersa™ best interests.
"Based on the lack of an appreciable premium to shareholders, and other factors, we have concerns whether the proposed acquisition is fair to Sterling Bancshares shareholders, and we want to ensure that the shareholders are receiving the maximum value for their stock"
The definitive buyout agreement, which was announced on January 18, 2011, involves a transaction valued at approximately $1 billion. Under the proposed transaction, Sterling Bancshares shareholders will receive a fixed ratio of 0.2365 shares of Comerica common stock for each share of Sterling Bancshares/SBIB common stock they hold. The acquisition price reportedly represents a value of $10.00 per share to Sterling Bancshares shareholders, based on Comericaa™s 15-day average closing price through January 11, 2011. However, Sterling Bancshares shares closed at $7.70 on the final trading day prior to the acquisition announcement. aBased on the lack of an appreciable premium to shareholders, and other factors, we have concerns whether the proposed acquisition is fair to Sterling Bancshares shareholders, and we want to ensure that the shareholders are receiving the maximum value for their stock,a said shareholder rights attorney Willie Briscoe.
If you currently own shares of Sterling Bancshares/SBIB and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
